# AI投资巨浪下的会计迷雾：8000亿支出如何被"隐形"

- 来源：Rohan Paul (@rohanpaul_ai)
- 发布时间：2026-05-24 18:41
- AIHOT 分数：58
- AIHOT 链接：https://aihot.virxact.com/items/cmpjnye3w00omslxdf5zk771x
- 原文链接：https://x.com/rohanpaul_ai/status/2058498504419672135

## AI 摘要

The Economist指出，五大AI实验室今年将投入高达8000亿美元的现金用于AI基础设施。由于会计上将其视为资产并进行长期折旧，这笔巨额支出并未立刻体现在利润表上，掩盖了投资的真实冲击。然而，现金流量表揭示了资金已大规模流出。关键风险在于，这些公司的资本支出可能占到其收入的约40%，规模已超过油气页岩繁荣时期与电信泡沫时期的投资，引发了大公司从“印钱”转向“烧钱”的严重财务关注。

## 正文

The Economist： Top 5 big labs will spend a huge $800 Bn this year real cash on AI infrastructure.

But their profit statements hardly notice these investments， since depreciation begins only after the assets are built， and then happens slowly.

When a company buys AI servers， GPUs， buildings， power systems， and networking equipment， accounting treats those as assets， not normal expenses.

So the profit statement does not show the full $800B hit right away.

But the cashflow statement shows the truth more directly： the money has already left the company.

The scary part is the scale： these firms may spend around 40% of their revenue on capital expenditure this year.

That is bigger than the oil industry's shale-boom spending and bigger than telecom spending during the dotcom bubble.

---

economist .com/business/2026/05/13/big-tech-is-sacrificing-its-cashflows-to-prop-up-the-ai-boom

### 引用推文

> The Economist：America's biggest companies have gone from printing money to burning it. It does not take Poirot to work out what's going on. Register for free to get our colum...